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International Breweries Hits Record on SABMiller

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(Corrects story published on May 17 to show that acquisition happened last year in first paragraph and third.)

May 17 (Bloomberg) -- International Breweries Plc rose to a record on rising capacity after SABMiller Plc acquired the Nigerian beermaker last year.

The company’s shares advanced for a 7th day, rising 10 percent to 28.67 naira by the close in Lagos, Nigeria’s commercial capital, the highest since at least April 2002, when Bloomberg started compiling the data. More than 75 percent of the three-month daily average of shares were traded.

SABMiller, the world’s second-largest brewer by volume, bought 72.9 percent of International Breweries last year, the company said by e-mail. Since then capacity at the Ilesha, Nigeria-based brewery has been expanded 30 percent, according to the company.

“The stock is on full bid as investors anticipate higher revenue and dividend for March year-end,” David Adonri, chief executive officer of Lagos-based brokerage Lambeth Trust and Investment Co., said by phone today. “The investment by SABMiller fuels the speculation.”

SABMiller, which has brewing or beverage interests in 32 African countries, entered the Nigerian market in 2009 with the purchase of a controlling interest in Pabod Breweries, based in the southern oil hub of Port Harcourt. In August, it opened a brewery in the southeastern city of Onitsha.

International Breweries, which changed its year-end to March from December said on Nov. 2 profit for the nine months through September doubled to 1.29 billion naira ($8.1 million). Revenue rose 32 percent to 9.1 billion naira, it said. Two calls made to the company’s office in the western city of Ilesa, Osun state, didn’t connect today.

The shares have surged 77 percent this year, compared with a 31 percent advance in the Nigerian Stock Exchange All-Share Index.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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